David Wood, President of Boale, Wood & Company Ltd. explains the name change from “Trustee in Bankruptcy” to “Licensed Insolvency Trustee.”
On April 1, 2016, all Trustees with a valid license issued by the Superintendent of Bankruptcy (OSB) are required to use the professional designation “Licensed Insolvency Trustee“. The objective of a name change is to make it easier for Canadians to recognize and identify professionals licensed by the OSB.
David Wood says, “There is an abundance of misleading information in the marketplace about who can actually help the Canadian Consumer restructure their debt. The changes implemented under the Directive will hopefully help reduce or eliminate this confusion so that consumers and businesses in financial trouble find the qualified licensed professional that best suits their needs.
The word bankruptcy is an uncomfortable word for many people. Too often people seek help from unqualified, unlicensed and unregulated people, only to be eventually referred to a Licensed Insolvency Trustee, for a fee. A fee that they didn’t have to pay. The average Canadian Consumer is unaware that only a Licensed Insolvency Trustee can settle debts through a proposal or file a bankruptcy.
The name change to Licensed Insolvency Trustee more accurately reflects the range of services we provide.”
LITs are the only professionals authorized to administer insolvency proceedings, such as consumer and commercial proposals and bankruptcies, under the Bankruptcy and Insolvency Act. To read more about this, on the OSB website click here.
Any individual or company that it is financial difficulty should call us for a free consultation.